— New Country Engagement Note highlights priorities to support inclusive and green growth

THE BOARD of Executive Directors of the World Bank Group has discussed with Government a new Country Engagement Note for Guyana for the next two years. The intent of this new note is to strengthen climate resilience, improve education quality, and lay the groundwork for private sector development.“To boost competitiveness in the country, it is essential to tackle climate risks, generate the skills needed for the jobs of tomorrow, and create the right business ecosystem,” said Sophie Sirtaine, World Bank’s Country Director for the Caribbean, on Tuesday. “This marks an important step in our engagement with Guyana to help build an inclusive and green economy,” she added.

“We must ensure that we make the very best choices possible, to take advantage of our natural endowments to create a more cohesive and prosperous society on behalf of the people of Guyana,” said Finance Minister Winston Jordan. “This renewed partnership with the World Bank is a sign of the Government’s commitment to fighting poverty and climate change,” he added.

With the fall of commodity prices, severe drought affecting the region, and the end of the oil-for -rice programme, Guyana’s economic growth has slowed from five per cent in 2013 to three per cent in 2015. The economy is forecast to expand by four per cent annually over the next two years, provided that global commodity prices do not drop any further.

As the Government of Guyana finalises its National Development Strategy (NDS), the World Bank Group agreed with the Government to focus on three priorities, among which is building resilience to natural disasters, because Guyana is one of the most vulnerable countries to climate change. Nearly 90 per cent of Guyana’s population lives on its narrow coastal plain, which is largely below sea level.

Specifically, the projects will continue improving flood preparedness through improved hydrometeorological monitoring and rehabilitation of critical infrastructure to reduce the risk of flooding on the East Coast of Demerara.

Another priority is improving high-quality education. Guyana has made progress in achieving universal primary education, but learning remains an issue across grade levels. Student learning achievement in secondary education shows that only 50 per cent pass mathematics and 70 per cent pass English in 11th grade. To improve education quality from early childhood to university, the Bank will help strengthen the University of Guyana through curriculum improvements, teachers’ training in mathematics, and a pilot technology-assisted learning project in mathematics.

The Bank will also provide early childhood education support to all nursery and Grade 1 classes in the hinterland regions and in targeted remote areas; and lay the ground for private sector development.
Moreover, the Bank will focus on strengthening the financial infrastructure and business regulatory environment to support the Government’s efforts at promoting private sector growth and access to finance.

The Bank will continue supporting private sector investments, particularly in the mining sector, with a focus on promoting sustainable practices, civil society participation, and the rights of Indigenous people.

In addition, the Bank will support productive investment projects through its political risk guarantees as relevant opportunities emerge.